Spoke menswear raises £5m in Seedrs crowdfunding round
Ambitious digital men’s fashion brand Spoke has completed a £5 million crowd-funding round on the Seedrs platform. The financing will go “to build on current strong momentum across the business” and “progress towards our vision of building the world’s most personalised menswear brand”.
The South London-based company is looking to boost its growth in the US – currently the firm’s second-largest market.
“We are experiencing an exhilarating post-pandemic recovery, with growth of more than 60% year-on-year, as work and going out trends normalise,” said CEO Ben Farren.
“The monies raised will enable us to accelerate our progress in our international markets of Europe, and the US.”
The company recently opened an additional distribution centre in Germany to bolster delivery capabilities across Europe.
The retailer also said it’s trading ahead of its full-year target, with year-on-year gross revenue currently up more than 60% on the £17m brought in last year.
The seven-year-old brand operates in the custom-made, on-demand sector and uses a proprietary machine-learning algorithm, ‘Fit Finder’, to match customers with products. It claims to deliver a customised finish in over 400 size options across its legwear ranges, covering leg length, waist and build.
Spoke’s last funding round in 2019 amounted to $10.7 million, led by Forward Partners and Business Growth Fund.
Additional funding this time came from existing investors Oxford Capital, with Forward Partners, BGF and 24 Haymarket also contributing.
Oxford Capital founding partner David Mott added: “The company has successfully managed the changing needs of consumers – growth over the last year and projections for the year ahead are really promising.”
Clement Bigot, senior investment manager at Seedrs, added: “The success of Spoke’s crowdfunding campaign was testament to the product and community they have built since its launch in 2014. With over 1,500 investors, the campaign was the most successful campaign on the Seedrs platform so far in 2022.”
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